TORONTO, Nov. 14, 2011 /CNW/ - Jovian Capital Corporation ("Jovian") (TSX: JOV) is pleased to announce that, further to the announcement
of July 15, 2011, it has completed the sale of Jovian's exchange traded
funds ("ETF") business (the "Transaction") to Mirae Asset Global Investments Co., Ltd. ("Mirae"). Following all post-closing working capital calculations, Jovian's
portion of the final purchase price is anticipated to be approximately
$90 million for Jovian's approximately 58% interest in Horizons ETFs
Management (Canada) Inc. (formerly BetaPro Management Inc.) and its
applicable subsidiaries and affiliates (the "Business"), subject to possible upward or downward adjustment within
approximately 135 days following closing. Jovian's interest in Hahn
Investment Stewards & Company Inc. ("Hahn"), a global wealth manager of ETF portfolios for private and
institutional investors, is not part of the Transaction.
"Since our initial investment in 2006, we have seen the Business flourish
and grow into a significant player in the industry," said Philip Armstrong, C.E.O. of Jovian. "This transaction represents a substantial return on our investment and
is consistent with our mandate to create value for our shareholders.
In addition to Hahn, Jovian's portfolio consists of traditional asset
management companies Leon Frazer & Associates Inc. and T.E. Wealth, and
wealth management company MGI Securities Inc.
About Jovian Capital Corporation
Jovian acquires, creates and grows financial services companies
specializing in two primary market segments: wealth management and
traditional asset managers. The Jovian group of companies (MGI
Securities Inc., MGI Securities (USA) Inc., T.E. Wealth, Leon Frazer &
Associates Inc., Hahn Investment Stewards & Company Inc., JovFinancial
Solutions Inc. and JovPortfolio Management Inc.) manages approximately
$6.0 billion of client assets ($4.5 billion in assets under management
and $1.5 billion in assets under administration). Additional
information is available at www.joviancapital.com and www.sedar.com.
SOURCE Jovian Capital Corporation
For further information:
Don Sangster, Investor Relations, Jovian Capital Corporation, (416) 933-5744; or
Philip Armstrong, Chief Executive Officer, Jovian Capital Corporation, (416) 933-5752.